Analysts have said Three UK could potentially combine with Vodafone's British operation.
"Our returns are still below the level of investments and that's not a sustainable position over the long term," CFO Darren Purkis told Reuters after the company reported a 4% rise in 2021 revenue to 2.44 billion pounds ($3.22 billion).
"If the right opportunity came along, then I think (Hutchison) would look to take that," he said.
"I can't speculate on what may or may not happen, but I feel that the market overall needs to have consolidation."
(Reporting by Paul Sandle; Editing by Kate Holton)